EXHIBIT 12.(B)
Published on September 7, 2005
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Exhibit 12(b)
RATIOS OF EARNINGS TO FIXED CHARGES
TANGER FACTORY OUTLET CENTERS, INC.
TANGER PROPERTIES LIMITED PARTNERSHIP
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Six Months Ended June 30, |
Year Ended December 31, |
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2005 |
2004 |
2004 |
2003 |
2002 |
2001 |
2000 |
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| Income from continuing operations before equity in earnings of unconsolidated joint ventures and minority interests | $ | 18,260,000 | $ | 15,874,000 | $ | 35,411,000 | $ | 14,823,000 | $ | 8,185,000 | $ | 4,345,000 | $ | 7,048,000 | |||||||||
| Add: | |||||||||||||||||||||||
| Distributed income of unconsolidated joint ventures | 430,500 | 404,500 | 988,500 | 748,000 | 360,000 | | | ||||||||||||||||
| Amortization of capitalized interest | 137,750 | 134,930 | 272,160 | 266,130 | 261,900 | 256,740 | 240,200 | ||||||||||||||||
| Interest expense(1) | 16,394,599 | 17,764,578 | 35,117,327 | 26,486,266 | 28,459,805 | 30,471,907 | 27,564,868 | ||||||||||||||||
| Portion of rent expense representative of interest factor | 457,899 | 462,411 | 936,365 | 772,417 | 703,245 | 699,964 | 629,085 | ||||||||||||||||
| Income as adjusted | 35,680,748 | 34,640,419 | 72,725,352 | 43,095,813 | 37,969,950 | 35,773,611 | 35,482,153 | ||||||||||||||||
| Fixed Charges | |||||||||||||||||||||||
| Interest expense(1) | 16,394,599 | 17,764,578 | 35,117,327 | 26,486,266 | 28,459,805 | 30,471,907 | 27,564,868 | ||||||||||||||||
| Capitalized interest | 120,000 | 130,000 | 212,000 | 149,000 | 180,000 | 583,000 | 1,076,000 | ||||||||||||||||
| Portion of rent expense representative of interest factor | 457,899 | 462,411 | 936,365 | 772,417 | 703,245 | 699,964 | 629,085 | ||||||||||||||||
| Total fixed charges | $ | 16,972,498 | $ | 18,356,989 | $ | 36,265,692 | $ | 27,407,683 | $ | 29,343,050 | $ | 31,754,871 | $ | 29,269,953 | |||||||||
| Ratio of earnings to fixed charges | 2.1 | 1.9 | 2.0 | 1.6 | 1.3 | 1.1 | 1.2 | ||||||||||||||||
- (1)
- Includes amortization of debt issue costs of $689,066, $726,531, $1,453,744, $1,306,801, $1,209,469, $1,965,753 and $1,263,848, respectively.
RATIOS OF EARNINGS TO FIXED CHARGES TANGER FACTORY OUTLET CENTERS, INC. TANGER PROPERTIES LIMITED PARTNERSHIP